FKLI Commentary on 29/04/09

FKLI April futures contract plunge 16 point lower to close at 966 as compare to previous trading session with total 11,754 lots traded in the market. FKLI traded lower together with regional indices and Dow Jones electronic trading plunge during trading session.

Technically, FKLI plunge after consolidate around 988 and 980 range. We expect FKLI might rebound mildly in the coming trading session with resistance seen at 977 and 987 levels; 38.1% and 61.8% Fibonacci figures. Traders were advice to take profit from recently short position around support levels at 962 and 957 regions while establish fresh short position around resistance levels.